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There could be no better evidence that the stock market is really a barometer of business than the great bull market, which has now lasted over five years. The very extension of the speculation to the cities all over the continent is evidence of the enormous increase in purchasing power. Developments on such an extraordinary scale has been unequal in the very nature of things, exactly as some stocks have advanced more than others and some have scarcely advanced at all. The stock market is saying that business will be better before it is worse. It is not indicating dates. Its longest view in forecast is seldom more than six months but is sometimes much shorter as students of conditions in 1907 probably know.
Wall Street Journal: January 1, 1929
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